Press Release: Stifel Financial Corp. Announces 2009 Second Quarter Results
ST. LOUIS--(BUSINESS WIRE)--Stifel Financial Corp. (NYSE: SF) today reported unaudited quarterly net income of $15.8 million, or $0.51 per diluted share, on record net revenues of $261.5 million for the quarter ended June 30, 2009. For the comparable quarter of 2008, net income was $12.3 million, or $0.45 per diluted share, on net revenues of $209.0 million. For the six months ended June 30, 2009, we posted net income of $29.0 million, or $0.94 per diluted share, on record six month net revenues of $481.5 million, compared with $26.7 million, or $0.99 per diluted share, on net revenues of $420.4 million, for the same period one year earlier. Our 2008 second quarter and first half included acquisition charges of $4.0 million, or $0.15 per diluted share, and $8.0 million, or $0.30 per diluted share, respectively. All prior period share and earnings per share amounts have been retroactively restated to reflect the three-for-two stock split distributed in June 2008.
At June 30, 2009, our stockholders’ equity was $702.7 million, resulting in book value per share of $24.86.
Chairman and Chief Executive Officer, Ronald J. Kruszewski, commented, “All things considered, we are reporting a very acceptable quarter and first half of the year. Our record second quarter and year to date net revenues were driven by a very strong performance by our capital markets segment, in particular in fixed income sales and trading, which further validates our 2005 acquisition of Legg Mason Capital Markets and our continued commitment to take advantage of opportunities as they arise. While our profit margins have declined as we build our infrastructure to absorb the upcoming conversion of the UBS branches in the third quarter and the organic growth we’ve experienced, we are poised to take advantage of the economies of scale we have added over the past year across all segments.” Mr. Kruszewski continued, “As a result of our previously announced hiring of Victor Nesi as co-head of capital markets, we have changed our management of the equity and fixed income capital markets segments and consequently the reporting of those segments will be combined effective June 30, 2009 and retrospectively.”
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